Bobby Labonte Signs With Petty
Ryan Newman is the top free agent in NASCAR
Boston Ventures purchased majority interest in Petty Enterprises.
On Wednesday, Petty Enterprises publicly announced that they sold majority interest in the storied organization to Boston Ventures, a middle market private equity firm. Richard and Kyle Petty will continue to be a part of the day-to-day operations; however, David Zucker is now the CEO of Petty Enterprises.
For hardcore Petty fans, this is a bittersweet deal. Gone are the days when a team can operate competitively without an outside investor. Richard and Kyle no longer run the show, and that could bother some of the Petty supporters. Nevertheless, with more funding, more resources are attainable, and eventually, Petty Enterprises could return to the front of the pack. Recently, Jack Roush, Ray Evernham, and Michael Waltrip sold interest in their organizations to outside investors.
The deal also swayed Bobby Labonte to remain at Petty Enterprises, at least until 2012. A previous rumor had the 2000 champion signing with Richard Childress Racing, but he expressed his desire to finish his career with the Pettys.
“I have known all along this is where I want to finish my racing career,” said Labonte.
You can now scratch Labonte’s name off the free agent list. Roush Fenway Racing driver Carl Edwards has committed to his current team and it appears as if his teammate Greg Biffle will do the same. It appears that Martin Truex, Jr. will remain at DEI at least until 2009. That leaves Ryan Newman, David Ragan, and Reed Sorenson unsigned for 2008. Obviously, Newman is the more appealing driver in this group by far, as he is still young and marketable, and has a proven record of accomplishment.
Roush Fenway Racing driver Jamie McMurray and Hendrick Motorsports driver Casey Mears are on the hot seat and may find themselves searching for a new employer. Neither McMurray nor Mears have performed up to the expectations placed before them when they signed with two of NASCAR’s power teams. It is doubtful that a top tier team would take their chances on McMurray or Mears.
Still, Newman is in the driver’s seat. It seems as if he is waiting to see what transpires in the Tony Stewart situation. If Stewart indeed leaves Joe Gibbs Racing, the 20 ride would unarguably become the most coveted ride in NASCAR. Unless Gibbs prematurely promotes Joey Logano to the Sprint Cup series in 2009, Newman is the logical replacement for Stewart.
Newman spent time with Richard Childress during the offseason, and Childress has an opening for 2009. And of course, he still has strong ties with Penske Racing. Newman has spent his entire career driving for Roger Penske, and has developed close friendships with people within the organization.
Ragan is improving and Roush will most likely retain him. Sorenson, on the other hand, may not be with his current team in 2009. He has failed to live up to the expectations placed before him when he was rookie in 2006. Meanwhile, his 2006 rookie rivals, Truex, Jr, Denny Hamlin, and Clint Bowyer have all excelled.
Sorenson is only 23 years old, so he may get another shot with a big name team. For instance, if Newman does not sign with Childress, Sorenson could become an option.
Stay tuned for more silly season drama.
